Oil prices fell 5% on Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war, digested disappointing manufacturing data and processed signs that Middle East tensions are moderating.
Brent crude futures, the international benchmark for oil prices, sank $3.12 cents, or 4.4%, or $67.87 per barrel around 10:20 a.m. ET (1420 GMT).
U.S. West Texas Intermediate crude futures tumbled $3.20, or 5.2% to $58.22 per barrel, after falling 2.5% the previous day. WTI dropped below $60 per barrel for the first time in nearly 2 months on Thursday.
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